So, what is sustainability anyway? The word slides off our collective corporate tongues, but few people can easily define it.

Many people think about the triple bottom line-- social, environmental and financial performance. Or, they offer a version of the 1987 definition from the World Council on Environment and Development: "Development that meets the needs of the present without compromising the ability of future generations to meet their own needs." I think about resiliency -- businesses that create value, healthy ecosystems and strong communities over the long term.

Sustainable businesses can ride the storms, whether they are economic crises, climate change, terrorism, or pandemics. These businesses not only survive, they often thrive. As their less sustainable peers suffer, these businesses garner greater strength and build new capabilities.

As an example, while Toyota Motor Co. has suffered during the credit crisis, it also shows resiliency. The company does not just execute transactions, it also builds relationships.

Toyota collaborates with suppliers to identify design and process efficiencies. By doing so, Toyota also ensures that its suppliers share in the gains. After all, a healthy supplier can ensure healthy supply, even in times of trouble.

Toyota also compensates its employees well. But Toyota is reluctant to downsize in times of trouble. During the 1990s Asian financial crisis, Toyota did not lay off employees in spite of four consecutive years of losses. Toyota recognizes the value of employees in helping to improve the system, which comes with tenure and loyalty.

Toyota's commitment to the environment and community has been for the long term. It was in the 1990s, during the Asian financial crisis, that the company showed its mettle by signing the Toyota Earth Charter. Environmental issues became a priority, which resulted in the Prius --now an industry standard of hybrid technology.

Sustainability is often assumed to be just about being green or being good. But, it's more than that -- it is also about being profitable.

It is often assumed there is a trade-off between being good and being profitable. The numerous research studies that have tested the relationship show a weak positive relationship between being good and being profitable. More important, there is strong evidence to show there is not a negative relationship.

There are, of course, trade-offs, especially in the short term. Installing greener technologies and building stakeholder relationships take time and money. And sometimes the profitability of these investments isn't obvious even in the long term.

However, such actions will mean the firm will be more resilient and outlast its peers. A study by A.T. Kearney compared the change in market capitalization from May 2008 to November 2008 of 99 companies with the market capitalization of their industry average. It found the more sustainable companies outperformed the industry average in 16 of the 18 industries by 15%.

Take the example of Tembec, one of Canada's major forestry companies. Its public consultation processes and concern for its employees and community have made it a leader among its peers. Given the rising Canadian dollar, soft U.S. housing starts and a glut of lumber because of a beetle infestation in British Columbia, all of Canada's forestry companies are bleeding -- Tembec among them. But, its CEO, James Lopez, attributes its survival thus far to its sustainability mindset -- it plans on being in the game over the long term.

Firms that move toward sustainability are looking for best practices in social and environmental responsibility that will aid in the long term financial survival of the company. These companies look for best practices in their industry and beyond and innovate new technologies.

There are no silver bullets for sustainability. Most firms have picked the low-hanging fruit. It's now about identifying practices that are ahead of the game. It's about choosing not to engage in some activities, and choosing other activities that are truly good for the firm and for society. Google has as part of its core values to "do no evil, and be a force for good." Google is a hallmark of resiliency.

Important strides have been made in elevating the role of sustainability in organizations. TD Canada Trust appointed a chief environmental officer and Suncor appointed a vice-president of sustainable development. These officers interact with senior-level corporate executives to allow meaningful practices to be pursued. Both companies are embedding resiliency in their strategies.

Back to the auto industry: Toyota will continue its commitment to consider not just the next quarter, but its long-term future. In Toyota's words, it will "contribute to a prosperous 21st century." Now, there's a company that gets sustainability through resiliency. - Tima Bansal is a professor and the director of the Centre for Building Sustainable Value at the Richard Ivey School of Business at the University of Western Ontario.

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